We have been feeling the effects of the country’s rising inflation rate over the last few weeks. The country’s inflation rate reached 6.1 percent in June 2022, a three-year high since November 2018’s 6.1 percent and October 2018’s 6.9 percent.
Related: High inflation: Your P1 is now worth just 87 centavos
As a result, essential goods and supplies have almost tripled in price, and transportation costs have also increased due to the fuel price hike.
So, with the expected increase in our current the cost of living, what are Filipinos doing to save money?
POP! asked some readers for tips they can share about saving money now, and here’s what they have to say:
Set your priorities straight
“As much as possible, set your priorities straight. List down the things that you really need at the time being. Wag masyadong impulsive. Kase minsan may mga gusto lang tayo dahil it’s either nakikita lang natin sa ibang tao na may ganun sila kaya ka bibili or kase gusto mo lang gumastos. You have to be keen in saving your money. Saving money also is a good thing for future emergencies just in case something happens. To add, yung sa pag gamit ng sasakyan lalo na tumataas ang mga presyo ng diesel and gas. I think we should plan our trips from the start and also alamin natin kung need ba talaga umalis or hindi para makatipid sa gas.” (“As much as possible, set your priorities straight. List down the things that you really need at the time being. Don’t be so impulsive. Because sometimes we just want to buy something after seeing someone with it, or just for the sake of spending money. You have to be keen in saving your money. Saving money also is a good thing for future emergencies just in case something happens. I think we should plan our trips ahead, and also assess whether it is necessary to go out or not so that we can save up on fuel costs.”)
– Migguel, Student
Plan ahead
“Plan the expenses na gagawin sa mga susunod na araw or week. This includes setting the meals na kakainin and taking records of bills. This may stop you from overspending and would help you with saving kung ilan pa man ang matitira sa income mo.” (“Plan the expenses for the following days or weeks. This includes meal planning, and making records of your bills. The latter may stop you from overspending and would help you with savings.”)
– Jas, Student
Control yourself
“No to impulse buying.” – Alexis, Working Student
“60% for savings, 20% for bills, 20% for me” -Claribel, Student
“Eat at home instead of eating out, and maximize online payment discounts by paying via Gcash, Shopeepay, etc.” -Trisha, Working Student
“Don’t spend on anything that is not necessary, cut down on your ‘luho’ (splurges)” – Justine, Student
“Know how to handle your budget and prioritize your needs over your wants.” – Susan, Working Mom
Be practical
“Instead of eating out, pack your lunch. For transpo, find ways where you can lessen your transpo expense. For instance, ride the jeepney instead of UV.” – Tiff, Student
“If your destination is just near, instead of using your car, use a bicycle instead to save up fuel. Nakatipid ka na, nakapagexercise ka pa.” (Not only will you save money, you will also get to exercise) -Enrique, Driver
Be strict with your money
“I prioritize my needs, cut back on unnecessary expenses, and sell things that I no longer use. It helps to strictly follow your allotted budget.” -Tricia, Working Mom
“Dapat strict ka sa pag paglabas pera. And if wala ka naman gagastusin na di importante, yung 20% na sahod pwede mo rin ilagay sa savings. You can also do media detox. I think na makakahelp sayo ito to battle urges na gumastos. You’ve got to focus on your reality. Hindi ka mabubudol na bumili, hindi masi-sway feelings mo na gusto mo gumastos, or hindi ka maiinsecure to think na bakit ikaw wala ka nito pero meron sila. Mag-social media ka lang kung kontrolado mo na ang urges mong gumastos. As you explore financial opportunities, as you dig deeper into your own soil that could bear you fruit, as you appreciate little and simple things, as you risk your money for future investments, as you continue to check up on yourself, you continue to check up on your family, too. Always involve yourself in family decisions, and always involve your family in your decisions. As a family, you could beat inflation.” (“You should be strict in handling your expenses. Don’t buy something if you really don’t need it. The 20% of your salary can be put into savings. You can also do media detox. I think it will help you to battle the urge to spend money. You’ve got to focus on your reality. You should only use social media if you can already control your urge to spend money. As you explore financial opportunities, as you dig deeper into your own soil that could bear you fruit, as you appreciate little and simple things, as you risk your money for future investments, as you continue to check up on yourself, you continue to check up on your family too. Involve yourself in family decisions, and always involve your family in your decisions. As a family, you could beat inflation.”) -Anj, Working Student
With the rising inflation rate, many Filipino consumers are having problems budgeting and planning for their everyday lives. Prices of basic commodities and necessities are rising as the inflation rate rises, making life more difficult for more Filipinos today.
Aside from the previously mentioned tips, what other strategies are you practicing in order to save money in the present inflation situation?
Responses have been edited for brevity and clarity.
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